How to use payroll systems to improve your business’s efficiency
Payroll is often overlooked when devising a plan to streamline business processes. However, it is advisable to consider the efficiency of your payroll systems when assessing your business’s accounting strategy. Are your employees receiving their salaries and wages on time every month? How often do you need to make corrections after they have been paid?
Continue reading to learn more about how implementing payroll systems, such as QuickBooks’ payroll software, can help to improve your business’s efficiency and pay your employees on time, improving their performances.
Payroll software gives you time to focus on other aspects of your business
Calculating your employees’ salaries is a time-consuming task. Many business owners spend innumerable hours each month working out their employees’ salaries and deductions. This is time that could be better spent concentrating on other aspects of their business, such as branding or expansion.
Payroll software from QuickBooks is able to calculate salaries, make deductions and pay employees. Once employees’ details have been inputted, your payroll systems can ensure that all staff members are paid accurately.
Keeps your employees motivated
If you want your employees to be happy and remain loyal, it is essential to pay them correctly and on time every month. When you hire employees, you enter into a contract with them. They agree to perform certain tasks for you, and you agree to pay them to complete these. If you expect them fulfil their part of the agreement, you must fulfil yours.
Using payroll systems makes paying employees easy. As explained above, you can use an automated payroll system to do the work for you, minimising late payments and inaccuracies.
Streamlines your cash flow management
By integrating your payroll systems into your other accounting systems, you are able to streamline your cash-flow. Accounting systems document your income and expenses and help you to monitor your cash-flow. Salaries are expenses and should be documented accordingly.
If you integrate your accounting and payroll systems, you will no longer have to input your employees’ salary details into your accounting program. It will happen automatically at the end of each month, saving you the hassle of doing it manually.
Assists in strategic planning
If you intend to grow your business, you will need to create a cash flow projection to help you to develop a growth strategy. Payroll systems can help you to predict your future payroll expenses, including additional employees’ salaries and future raises. With all of this information at your fingertips, you will be able to decide what direction in which to expand your business.
Paying the correct taxes
Payroll encompasses more than ensuring that your employees get paid. Business owners also have to pay tax on behalf of their employees and themselves. If taxes are incorrectly calculated, you could end up owing the government a lot of money, which you will be held responsible for. By keeping your payroll in order with QuickBooks’ software, you can avoid future legal issues regarding unpaid taxes.
QuickBooks’ payroll software: Payroll made easy
With the help of QuickBooks’ payroll software, payroll can be quick and easy. Once it is successfully implemented, business owners will be able to focus on the running of their companies. If you want to grow your business, your staff complement is likely to increase. With effective payroll systems in place, you will be able to pay your staff with ease, no matter how many employees you have.
Take a look at QuickBooks’ selection of payroll software, including our Quick Payroll and Quick Payroll Lite packages, and choose the right one to help you streamline your accounting systems.